Veris Residential, Inc., a publicly traded real estate investment trust based in Jersey City, on Monday acquired Ironstate Holdings’ 15% stake in Jersey City Urby, a 762-unit, Class-A multifamily property on the Jersey City Waterfront, for $38.5 million.
The acquisition excludes transaction costs but includes consideration for the termination of the management contract of Urby, a multifamily development brand, and the annual tax credit.
Veris Residential has changed the property’s name to Sable.
“The consolidation of Veris Residential’s ownership of Sable represents an exciting milestone for our company as we continue to simplify our portfolio while accreting earnings through strategic capital allocation,” said Mahbod Nia, chief executive officer of Veris Residential.
Jersey City’s multifamily market is thriving. As an example, last July, the adjacent Lenox and Quinn apartment complexes in Paulus Hook sold for $221.5 million, the largest multifamily transaction in New Jersey in nearly five years.
Developed in 2017, the 69-story cantilevered high-rise at 200 Greene St. offers a mix of studios, one-bedroom and two-bedroom apartments and is offered as a lower-priced alternative to similar units in New York City. The property has a fitness center, yoga studio, heated rooftop pool, reservable kitchen, resident lounge and dog recreation space.
The property is also home to several retail tenants, such as Canard Cafe, Japanese restaurant DOMODOMO, and skincare company Glowbar. The multifamily is near the Exchange Place PATH station and the Harborside Light Rail station.
Veris Residential Inc., based in Jersey City primarily owns, operates, acquires and develops Class A multifamily properties in the Northeast. Urby, also of Jersey City, was founded by David Barry and has operated properties in New York City, Jersey City, Harrison, Stamford, Newark, Dallas, and Philadelphia. Ironstate Holdings is located in Hoboken.
